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Citigroup reduces headcount of global markets business

Citigroup’s investment banking arm has reduced the headcount of its global markets business by nearly 2% in a fresh cost-cutting exercise, resulting in 200 to 300 layoffs or voluntary redundancies, The Wall Street Journal has learnt.

Most of the cuts occurred last week, sources said, adding that among those to leave the US lender was Steve Prince, the younger brother of former chief executive Charles Prince. The younger Prince, whose LinkedIn profile described him as a senior vice-president in marketing, is understood to have worked at the firm for more than two decades.